The ‘100% mortgage’ is back – but in a new form – Mortgage Broker Cambridge

The ‘100% mortgage’ is back – but in a new form – Mortgage Broker Cambridge

May 26th, 2016

The ‘100% mortgage’ is back on the market for First Time Buyers & Home Movers! However it is a different form to the old pre-recession ‘100% mortgage’.

This new ‘100% mortgage’ works by the Borrower taking out a specific mortgage and (a) Helper(s) depositing 10% of the property purchase price into a specific account over a 3 year term.

Therefore this new ‘100% mortgage’ refers to the amount that the Borrower has to put down as the minimum deposit towards their property purchase, but it depends on the Helper(s) depositing 10% into the specific bank account for 3 years. At the end of this period, the Helper(s) has their 10% returned to them with the interest earned (calculated at 1.5% above BOE base), as long as the mortgage payments are kept up.

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What our clients say

“Hi Megan & Mark,
I just personally wanted to say thank you to you both for your assistance with our mortgage and the level of service you have given us.
A colleague recommended Turney & Associates to me and I wouldn’t have any problem recommending you to any of my friends.
Many Thanks
SB
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